Union, N.J. — Bed Bath & Beyond plans to close 200 stores over the next 2 years. The Union, N.J.-based company made the announcement during its earnings statement for its fiscal first quarter, which runs from March through May. The report shows sales plummeted in the quarter due to the novel coronavirus pandemic and subsequent shutdowns affecting non-essential retailers.
For the 3-month period, net sales were approximately $1.3 billion, a 49% year-over-year decrease. Bed Bath & Beyond reports that 90% of its physical locations were closed for the majority of the quarter, causing in-store sales to decline 77%. During the same period, sales on the digital platform grew 82%.
— Alex Tostado